Energy Crisis
Iran-Israel war escalates with Strait of Hormuz closure
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The ongoing war between Iran and Israel has intensified, with missile exchanges and the continued closure of the Strait of Hormuz disrupting global oil supplies. Oil prices have surged above $100 per barrel, fueling market declines and inflation fears worldwide. Governments are responding with measures to stabilize energy markets amid concerns over prolonged conflict.
There will be no tuition increases in colleges and universities for academic year 2026-2027 amid the energy crisis caused by the war in the Middle East, Commission on Higher Education chairperson Shirley Agrupis said on Tuesday.
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Chinese President Xi Jinping urged Saudi Crown Prince Mohammed bin Salman on Monday to keep the Strait of Hormuz open for normal passage amid repeated blockades triggered by US-Israeli strikes on Iran since February 28. According to CCTV, it was Xi's first public call for reopening the vital waterway, alongside pushes for an immediate ceasefire and diplomatic resolutions.
The temporary closure of several hotels in Cuba's main tourist hubs has forced major Canadian tour operators to adjust their policies amid a fuel shortage affecting flights and reservations. The Cuban government acknowledged that the country will run out of aviation fuel for at least one month, impacting all international airports. Airlines like Transat and Iberia have introduced flexible measures for affected travelers.
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Cuba is grappling with a severe aviation fuel shortage at its main airports, prompting several international airlines to suspend flights to the island from February 10 to March 11. The crisis, worsened by the U.S. oil blockade, particularly impacts routes from Europe and Canada, while Mexican carriers like Aeroméxico and Viva Aerobús continue operations by refueling in Mexico.